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TechCrunch has a revealing article about the future of online advertising for Content based sites and blogs. And from what Arrington has discussed it seems that 2008 was not even the tip of the iceberg of what is expected to hit the Media Titantic in 2009.

According to TechCrunch:

Just how bad will it be? I’ve heard estimates of 30%-80% revenue drops over the next three months from companies that serve a variety of content (games sites, tech news, celebrity news, political news, etc.). The median pessimism point is around 50%. The people I’ve spoken with work at large public companies and small one-person blog shops. Absolutely no one I spoke with said they expect an up quarter.